When The Buyer Backs Out: Real Estate Sales SolutionsWhen The Buyer Backs Out: Real Estate Sales Solutions


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When The Buyer Backs Out: Real Estate Sales Solutions

The first time I sold a house, I had no idea that the buyer could back out of the contract partway through. I was taken aback when it happened to me, and my real estate agent had to explain the process of terminating the contract and requesting the earnest deposit. After the contract was terminated, I spent a lot of time researching why a buyer could back out of a sale, what I could do about it as the seller, and ways to minimize the risk of it happening. I created this site to share what I've learned in the hopes of preventing other homeowners from experiencing what I did. I hope it helps you to be better prepared as you sell your home.

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Hidden Benefits Of Visiting Open Houses When House Hunting

You might be reluctant to dedicate your weekends to open houses if there isn't anything on the market that seems to exactly fit your needs. It is important to remember there are more to open homes than the actual house that is for sale. Here are four reasons attending open houses that might be out of your scope can still be beneficial when hunting properties.

1. Open Houses are a Great Way to Find a Realtor

It can be hard to find the right realtor for your needs, and even harder to find someone that you click with through referrals or online. Open houses are a little like speed dating for realtors and prospective clients. You can chat with various realtors in a low-pressure environment, and if you like them, you can follow up and see if they can represent you.

2. Getting to Know a Neighborhood

Even if the open houses in the area that your are looking into aren't an exact match, you can at least get a better feel for the neighborhood. You can glean information from the realtor and learn more about neighborhood demographics and common selling points or issues with homes in the area. When your perfect home does hit the market you'll be ready and already know what you are getting into.

3. Information on Other Homes

Oftentimes the realtor on-site will have listings of other open homes, or other homes for sale that they represent. Realtors have access to this information before it hits the general public or is available on common home search websites. This is insider information that will widen your search.

4. Play Up Your Strengths

If you know who else is out there looking, you can be sure to put yourself in the best light when you do make an offer. The same potential home buyers will be at open homes so you can size up your competition. They might be out making offers on the same homes as you, so set yourself apart if you can. For example, if other potential buyers are investors, but you will be moving in your family, this might sway owner's decision when it comes to multiple offers if they feel as if you truly love the home.

Finding your perfect home can be stressful as a potential homebuyer, especially if you are in a tight market. Make sure to take advantage of open homes and try to have fun with house hunting. The more you can keep an open mind the more opportunities will fall in your lap.